Health insurance being self-employed can present you with many challenges. Today, we provide you with five tips.
- Whether you go to the healthcare exchange or utilize a local insurance broker, make sure you know the status of your health. How many times do you go to the doctor? How many medications are you taking? What did you pay out of pocket last year? These factors will help you determine the type of policy you need.
- The deadline to get health insurance for 2016 is January 31, 2016. You didn’t miss it on December 15 or 17th. That was the deadline if you wanted your policy to start on January 1. Furthermore, you cannot be penalized for not having health insurance on January 1. The mandate states you can go two months without health insurance and not be penalized.
- Did the penalty increase for not having health insurance? Yes!! The monthly premium for health insurance also increased. What makes sense for your particular situation? Health insurance is not one size fits all!! Do what works best for you. I have read several stories on Facebook of people who have decided to forego health insurance due to cost. The penalty was cheaper and it made sense for them to pay out of pocket the few times they see a doctor in a year.
- You don’t have to get health insurance through the local exchange or healthcare.gov. You only use those options if you want to get the subsidy. You may find out that you can get health insurance cheaper without a subsidy. How will you know? Do the work!!
- Before you go to an agent or even the exchange, go to www.healthsherpa.com and get an estimate of what health insurance will cost you.
Did this post help you? Leave comments and ask questions! We are self-employed and know the challenges. All the hats you wear to include HR and Benefits should not be left out.